The Adaptation Fund: A Key Element of the Paris Agreement
As the world continues to face the impacts of climate change, adaptation has become an increasingly important aspect of global climate action. The Paris Agreement, adopted in 2015, recognized this need and established the Adaptation Fund as one of its key elements. But what exactly is the Adaptation Fund, and how does it work?
What is the Adaptation Fund?
The Adaptation Fund is a financial mechanism created under the United Nations Framework Convention on Climate Change (UNFCCC) to support developing countries in adapting to the impacts of climate change. It was established in 2001, but its role was greatly expanded under the Paris Agreement.
The fund is financed by a share of proceeds from the sale of certified emission reductions (CERs) under the Clean Development Mechanism (CDM), as well as contributions from developed countries and other sources. Its resources are used to finance concrete adaptation projects and programmes in developing countries that are particularly vulnerable to the impacts of climate change, such as droughts, floods, sea level rise, and extreme weather events.
How does the Adaptation Fund work?
The Adaptation Fund is governed by the Adaptation Fund Board, which is composed of 16 members representing developing and developed countries, as well as civil society organizations and other stakeholders. The Board oversees the fund`s operations and approves funding proposals submitted by developing countries.
To access funding from the Adaptation Fund, developing countries must submit project proposals that meet certain criteria, such as promoting local ownership and participation, addressing the most urgent adaptation needs, and maximizing co-benefits and synergies with other development goals.
Once a project is approved, the Adaptation Fund provides funding directly to the implementing entity designated by the developing country, which is responsible for carrying out the project and reporting on its progress and outcomes.
What has the Adaptation Fund achieved so far?
Since its creation, the Adaptation Fund has approved more than 100 adaptation projects and programmes in over 80 developing countries, with a total value of more than $800 million. These projects have helped to build resilience and reduce vulnerability to climate change impacts in a wide range of sectors, including agriculture, water management, coastal zone management, and disaster risk reduction.
For example, in Cambodia, the Fund supported a project that helped to improve the adaptive capacity of smallholder rice farmers through the introduction of climate-resilient varieties, better water management practices, and improved access to weather information. In Nigeria, the Fund supported a project that helped to build the resilience of coastal communities to the impacts of sea level rise and coastal erosion through the construction of sea walls and other protective infrastructure.
Looking ahead, the Adaptation Fund will continue to play a critical role in supporting developing countries` efforts to adapt to climate change. Under the Paris Agreement, the Fund is set to receive a significant increase in funding, with a goal of mobilizing at least $100 billion per year by 2020 to support adaptation in developing countries. This will be a key challenge, but also a key opportunity to ensure that the world`s most vulnerable communities are able to cope with the impacts of climate change and build a more resilient future.
